6 questions to ask your CPA

Effective tax planning involves understanding the current tax rates and rules and using them in a way that best suits your specific situation. Asking these questions can help you maximize tax efficiency today and prepare for potential changes that could increase your tax burden in the future.

1. 1. What is my projected income and likely marginal tax rate for this year?
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3. 2. Is it more advantageous to take the standard deduction or itemize this year?
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5. 3. Are there strategies that will lower my taxable income?
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7. 4. Should I save in a pre-tax account or a Roth account for retirement?
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9. 5. Are there strategies that can help me optimize my gifts to charities?
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11. 6. As a small business owner, what strategies can I employ to maximize my 20% deduction on business income?

Raymond James does not offer tax advice. You should discuss any tax matters with the appropriate professional.